The SafeMoon community has criticized a nonsensical update about the recent $9 million exploit.
On March 28, the SafeMoon protocol suffered a contract vulnerability exploit. The vulnerability, known as “public recording error”, allowed people with sufficient knowledge to drain the liquidity of the platform.
General manager of the company john karony issued a statement the next day, saying that his team had patched the exploit. She asked users to be patient and assured them that their funds were safe.
SafeMoon community not impressed
Since Karony’s statement, SafeMoon has issued six statements, on March 29, March 30, March 31, April 3, April 4 and April 11, most of which followed a structure and a similar format.
He last statement He went on to ask for patience while noting that “great progress” had been made, as detailed in an update last week. He ended up teasing “exciting new products” in the pipeline.
“As we continue to work on recovering LP funds, we appreciate that this is a challenging situation and that people may be frustrated.”
The company disabled Twitter replies on March 28, the day of the liquidity exploit. However, the SafeMoon community has been taking out their frustration on Reddit.
in a reddit post in this regard, a Reddit user doubted that SafeMoon could recover the lost funds.
“If they have not recovered [sic] the money for now, means they never will. They cannot reverse the transfer.”
A multitude of other users criticized the repetitive updates that seemed to lead nowhere. The frustration was evident from one user who questioned the team’s efforts to restore normality.
“What detailed update from last week are you talking about? This is literally the same blah blah blah message.”
longstanding disputes
In September 2021, following a series of missed product launch deadlines, then-CTO, Hank Wyattresigned, jeopardizing the future of the project.
By April 2022, several scandals arose, including paid influencers pumping and dumping the token and allegations by senior team members that it stole funds, with chain investigation suggesting Thomas “Papa” Smith had pocketed $143 million.
SFM dropped 24% in value since the exploit. The tab is down 95% from its all-time high of $0.00338272, reached on January 5, 2022.
The charge SafeMoon community is frustrated by meaningless updates after blowing up a $9 million contract first appeared in CryptoSlate.
